Big Lots, Inc. has agreed to a sale transaction with Gordon Brothers Retail Partners that will enable the transfer of its assets to other retailers and companies, including Variety Wholesalers. Variety Wholesalers plans to acquire between 200 and 400 Big Lots stores and up to two distribution centers, while also employing some of the acquired associates.
The sale agreement is subject to approval by the Bankruptcy Court and customary closing conditions. The company’s President and CEO, Bruce Thorn, expressed gratitude for the tireless work of his team in preserving jobs, maximizing value, and ensuring continuity of the Big Lots brand.
Gordon Brothers Retail Partners’ Head of North America Retail, Rick Edwards, stated that the partnership with Variety Wholesalers presents a path forward that allows Big Lots to continue serving customers with extreme bargains. Variety Wholesalers’ President and CEO, Lisa Seigies, expressed excitement about partnering with Gordon Brothers to provide opportunities for the Big Lots brand.
The transaction is part of Big Lots’ plan to focus on its core business and ensure a strong future for its associates and customers.
Source: https://www.prnewswire.com/news-releases/big-lots-agrees-to-strategic-transaction-to-facilitate-preservation-of-brand-hundreds-of-stores-and-thousands-of-jobs-302339776.html